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Unconventional oil and natural gas production will have three waves of economic activity in the U.S., with the upcoming second wave bringing investment in petrochemicals infrastructure and manufacturing, writes Julie Carey of Navigant Economics. "Innovative solutions will address complex problems and hundreds of billions of dollars of investments and millions of new jobs are within reach," Carey writes.

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The surge in U.S. shale natural gas production is reviving other manufacturing sectors, including steel and chemical makers, observers say. "Low natural gas prices are spurring new manufacturing investment and creating jobs," said Katherine Miller, communications manager at steel company Nucor. The boom has spurred manufacturing investments valued at more than $120 billion, she said.

The U.S. shale gas boom is helping reduce greenhouse-gas emissions to a level not seen in 20 years, writes Julie Carey, an energy expert with Navigant Economics. "It is interesting to note that the progress already made can be attributed significantly to natural market solution as the shale gas revolution facilitates the displacement of coal by natural gas-fired power generation without specific government intervention or subsidization," Carey writes.

State governments should be the only regulators of shale natural gas drilling, American Petroleum Institute President and CEO Jack Gerard said in response to the federal government's proposal to heighten oversight of drilling. "There is no need to create duplication and inconsistent regulation, which only slows energy development -- in fact, in some cases, makes it beyond our reach," Gerard said. "We're asking for thoughtful, efficient, timely regulation. We need to sort through the duplicative activities that occur between state, federal [and] local levels."